The consumer champion also explains an easy way for young drivers to cut insurance costs.
Motorists are paying up to 41 per cent more for their car insurance due to the knock-on effects of inflation on the industry, according to Martin Lewis. The consumer champion shared the best times for people to check for renewal quotes on his latest BBC Radio 5 Live Podcast along with a simple way young drivers may be able to significantly reduce their insurance costs.
He made it clear that he wasn’t talking about the renewal price, because people will always get that, but about when you should start looking elsewhere to get quotes from other firms to make sure you are getting the best deal available on the insurance market. He said: “It then drops a little bit further and the very, very bottom out is 21 days before renewal for car insurance, where it’s £590. This doesn’t mean you’ll get a £595 policy, what we’re saying is a policy that was £900 at 30 days is on average £590, 21 days or three weeks before renewal.
Top Money Stories Today Martin also explained that the cost of car insurance is based on ‘actuarial risk’ and for new, young drivers, they may be able to bring insurance costs down by adding a second ‘responsible older driver’’ to the policy. This could be a parent, or grandparent, with a good record - but it needs to be someone older who may actually drive the vehicle.
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